NSE: Abbott India Elliott wave Projection
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Overview:
Abbott India has accomplished the impulsive wave 3, and the price is forming corrective wave 4. Price has occurred the sub-wave A. and Sub-wave B. Sub-wave C of 4th wave is in progress.
After completion of wave 4, the price will start its bull run.
Fibonacci relationship and wave Formations:
Wave ((1)) is a five-wave impulse.
Wave ((2)) retraced 50% of wave ((1)).
Wave ((2)) has taken 23 months to finalize.
Wave ((3)) is a five-wave impulse.
Wave ((4)) looks like a sharp correction.
Rule of alternation indicates variation between two corrective waves in terms of time, distance, and formation.
Because wave ((2)) was a complex correction, wave ((4)) should be a sharp correction.
Destiny of wave ((4)):
Wave ((4)) can terminate near the previous corrective wave (iv) at 13994.
Wave ((4)) can end at 15064, which is a crucial support level.
The common retracement of wave ((4)) is 38.2%, but the price has broken down this level. Next Fibonacci retracement level is 50% at 13967.
Please note that the corrective channel has broken down, so bulls can enter when the price renter into the parallel lines. Otherwise, the price has bearish sentiments.
Abbott India has accomplished the impulsive wave 3, and the price is forming corrective wave 4. Price has occurred the sub-wave A. and Sub-wave B. Sub-wave C of 4th wave is in progress.
After completion of wave 4, the price will start its bull run.
Fibonacci relationship and wave Formations:
Wave ((1)) is a five-wave impulse.
Wave ((2)) retraced 50% of wave ((1)).
Wave ((2)) has taken 23 months to finalize.
Wave ((3)) is a five-wave impulse.
Wave ((4)) looks like a sharp correction.
Rule of alternation indicates variation between two corrective waves in terms of time, distance, and formation.
Because wave ((2)) was a complex correction, wave ((4)) should be a sharp correction.
Destiny of wave ((4)):
Wave ((4)) can terminate near the previous corrective wave (iv) at 13994.
Wave ((4)) can end at 15064, which is a crucial support level.
The common retracement of wave ((4)) is 38.2%, but the price has broken down this level. Next Fibonacci retracement level is 50% at 13967.
Please note that the corrective channel has broken down, so bulls can enter when the price renter into the parallel lines. Otherwise, the price has bearish sentiments.
Note
From 15K to 20KNote
Let's see if it can make a new ATH.
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